FastCash Safari Enterprises

Key interest rate & cap

Interest accrues at a flat rate of thirty percent (30%) per month on the outstanding principal. Interest is simple and shall not be compounded. Total accrued interest shall not exceed the principal amount outstanding at the date of default (the in duplum cap), per Anne J. Mugure v HELB [2022].

Application fee

A once-off, non-refundable application fee of KES 50 is charged at the time of loan processing. No disbursement fee applies.

1. Repayment obligation

The Borrower agrees to repay the Total Amount Repayable on or before the Due Date. Payment may be made in cash, M-Pesa, or by any method agreed in writing with the Lender.

2. Late payment penalty

If the Borrower fails to repay by the Due Date, a flat late fee of ten percent (10%) of the outstanding principal becomes immediately due. A daily penalty of one percent (1%) of the outstanding principal also accrues per calendar day after the Due Date. Total interest and penalties shall not exceed the principal (in duplum cap).

3. No compounding

Interest shall at no time be charged on accrued interest. All calculations apply to the original principal only.

4. Prepayment

The Borrower may repay all or part of the outstanding balance at any time before the Due Date without penalty. Early repayment reduces interest proportionally on a daily basis.

5. Default and enforcement

A Borrower is in default if repayment is not received on or before the Due Date. Upon default the Lender may: (a) demand full repayment; (b) engage the named guarantor; (c) initiate proceedings in the Small Claims Court of Kenya (up to KES 1,000,000); or (d) for pawn loans, immediately auction the pledged collateral per Clause 7.

6. Seller's declaration and proof of ownership

Any item offered as collateral must be the borrower's sole lawful property, free from encumbrance. Any false declaration constitutes fraud under the Penal Code Cap. 63 of Kenya.

7. Pawn collateral — immediate auction on default

If full payment is not received by the Due Date, FastCash Safari Enterprises shall immediately proceed to auction the pledged item on the first available business day after the Due Date, without further notice. The Borrower waives any right to a notice period for pawn collateral auction. Proceeds exceeding the outstanding balance shall be returned to the Borrower within seven (7) days. Any shortfall remains recoverable as a debt.

8. Guarantor liability

The Guarantor is jointly and severally liable for the outstanding loan balance in the event of default. The Referee is not financially liable. The Next of Kin is listed for emergency contact only.

9. Governing law and dispute resolution

Governed by the laws of Kenya. Disputes go first to good-faith negotiation (14 days), then to the Small Claims Court of Kenya or arbitration under the Arbitration Act Cap. 49.

10. Data protection

All personal data and uploaded documents are processed solely for this lending transaction under the Data Protection Act No. 24 of 2019. Not shared with third parties except as required by law or for debt recovery.

11. Legal references

Pawnbrokers Act Cap. 529 · Consumer Protection Act No. 46 of 2012 · Data Protection Act No. 24 of 2019 · POCAMLA 2009 · Sale of Goods Act Cap. 31 · Penal Code Cap. 63 · Arbitration Act Cap. 49 · Small Claims Court Act.